S&P affirms New Jersey's AA-minus GO bond rating

April 24 Wed Apr 24, 2013 12:40pm EDT

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April 24 (Reuters) - Standard & Poor's Ratings Services on Wednesday affirmed New Jersey's AA-minus general obligation bond rating with a negative outlook.

In addition, S&P rated the state's general obligation bonds series 2013 AA-minus with a negative outlook.

"The rating is constrained by New Jersey's trend of structurally unbalanced budgets that include only partial funding of pension obligations and the reliance on one-time revenues and debt restructurings to offset underfunding of expenditures and revenue shortfalls," said S&P credit analyst John Sugden.

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